When your bank is on a 24-hour bank-hours stand-still
A bank in suburban Chicago has decided to be on a bank-hour stand-by during its normal banking hours.
The Compass Bank in Westmont is holding an 8:30am-10:30pm business hours on Thursday and Friday to help make sure it can process customers’ withdrawals on time and in a timely manner, said CEO Brian R. Johnson.
He said the bank has already started seeing more customers coming through the doors.
“It’s kind of been a long time coming,” he said.
“We’ve been very successful in the past, and I think it’s something we can really replicate in the future.”
When a bank is closed, customers will need to withdraw cash from a branch or the ATM, but they will not need to call for a receipt or fill out a paper transaction.
They will also not need a bank account number or other identifying information.
The bank will also offer a 24/7 customer service line to help customers with questions and concerns.
A similar service was offered by the Chase Bank, but it was shut down after the Equifax hack in late October, and the bank stopped providing service to customers.
Johnson said the Compass Bank is trying to maintain an average of 7.5 per cent cashflow for customers, which is the level of profitability that it was able to achieve before the Equities and Mortgage market collapse in the summer of 2017.
“I think this is one of the things that we are trying to do, is make sure that we don’t go into the worst-case scenario where we get wiped out, and that we’re not really able to support our operations at this time,” he told Mashable.
He pointed to the bank’s $25 billion cash reserve.
The business is being done as a courtesy and is being a very safe business, said Johnson.
“If we are out of business, we don: we can’t have people coming into the bank, and we can never, ever have people working for us,” he added.
The decision comes after a string of bank closures in the US, including a massive bankruptcy in December 2017.
Johnson’s company, Compass Bank, has been operating since 2011.
It was purchased by JP Morgan Chase in 2015, but Johnson said he and his colleagues are still committed to keeping it going.